{"id":25591,"date":"2023-06-21T15:18:01","date_gmt":"2023-06-21T19:18:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-up-2-as-bulls-turn-defensive-against-powell-u-s-crude-build-forecast\/"},"modified":"2023-06-21T15:18:02","modified_gmt":"2023-06-21T19:18:02","slug":"oil-up-2-as-bulls-turn-defensive-against-powell-u-s-crude-build-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25591","title":{"rendered":"Oil up 2% as bulls turn defensive against Powell, U.S. crude build forecast"},"content":{"rendered":"
\n

Investing.com — Jay Powell droned on and on about how the U.S. possibly needs more rate hikes to bring inflation back to 2% a year. The Fed chief\u2019s dire prognosis, however, seemed to fall on the deaf ears of oil bulls who chased crude prices up 2% Wednesday to recoup all of the previous day\u2019s loss.<\/p>\n

Those long the market also looked beyond a forecast build of nearly two million barrels of crude for last week \u2014 the third increase in four weeks that would have added a projected 15M barrels to supply over the period.<\/p>\n

\u201cIt seems to be defensive play ahead of the data,\u201d John Kilduff, partner at New York energy hedge fund Again Capital, said, referring to weekly supply-demand numbers on crude, gasoline and distillates, due in estimate form from industry group API later on Wednesday before official publication by the EIA on Thursday.\u00a0<\/p>\n

New York-traded West Texas Intermediate, or , crude settled up $1.34, or 1.9%, at $72.53 per barrel by 13:30 ET (17:30 GMT), overwriting Tuesday\u2019s 1.8% slide. The U.S. crude benchmark has had a volatile month, finishing last week up 2.3% after a net 3.5% tumble over two prior weeks.<\/p>\n

London-traded settled the New York session up $1.22, or 1.6%, at $77.12, versus Tuesday\u2019s modest slip of 0.3%. Like WTI, the global crude benchmark has had a rocky June, finishing last week up 2.4%, after a net slump of nearly 2% over two previous weeks.<\/p>\n

Powell stays on higher rates mode<\/h2>\n

Crude prices fell just briefly Wednesday before recovering amid Powell\u2019s biennial address to Congress. Nearly all policy-makers at the Fed think there should be more rate hikes to curb inflation, Powell said in his speech, signaling that the central bank\u2019s pause this month of its year-long campaign of monetary tightening was just that \u2014 a pause.<\/p>\n

The Fed\u2019s next decision on rates is scheduled on July 26, with many economists already predicting the central bank will add another quarter percentage point to rates, bringing them to a peak of 5.5% in a bid to further tame inflation.<\/p>\n

Market participants were also on the lookout for U.S. weekly oil inventory data, due after market settlement from API, or the American Petroleum Institute.<\/p>\n

The API will release at approximately 16:30 ET (20:30 GMT) a snapshot of closing balances on U.S. crude, gasoline and distillates for the week ended June 16. The numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration on Wednesday.<\/p>\n

Crude, gasoline build seen for last week<\/h2>\n

For last week, analysts tracked by Investing.com expect the EIA to report a build of 1.873M barrels, on top of the 7.919M barrel rise reported during the week to June 9.<\/p>\n

On the front, the consensus is for a rise of 1.091M barrels that would add to the 2.108M barrels gained in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.<\/p>\n

With , the expectation is for a drop of 0.001M barrels versus the prior week\u2019s gain of 2.123M. Distillates are refined into , diesel for trucks, buses, trains and ships and fuel for jets.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Jay Powell droned on and on about how the U.S. possibly needs more rate hikes to bring inflation back to 2% a year. The Fed chief\u2019s dire prognosis, however, seemed to fall on the deaf ears of oil bulls who chased crude prices up 2% Wednesday to recoup all of the previous day\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":25592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-25591","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil up 2% as bulls turn defensive against Powell, U.S. crude build forecast | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Jay Powell droned on and on about how the U.S. possibly needs more rate hikes to bring inflation back to 2% a year. 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